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Reduction in Fixed Mortgage Rate

Cairns Lockie Limited Mortgage Bankers

Press Release 17 March 2000

Reduction in Fixed Mortgage Rate

Mortgage bankers Cairns Lockie Limited announced a further fall in its five-year fixed mortgage rate, effective immediately (17 March 2000). The new five year rate becomes 8.90% (down 15 points from 9.05%).

Mr Lockie noted that the company's new rate was amongst the lowest in market.

The spread between the two-year fixed rate and the five-year fixed rate has narrowed to just 25 points having been a wide as 100 points (1%) less than six months ago. The yield curve is now almost flat, indicating a cap on likely future moves in floating rates.

Floating rates remain unchanged at a competitive 7.15%.

Cairns Lockie Limited is a mortgage banking company specialising in residential and residential investment lending. It has a strong internet presence through its site www.emortgage.co.nz

-ENDS-


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